EGR_102_Lecture_HW_02

# EGR_102_Lecture_HW_02 - Problem 3(4 pts How much will be...

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EGR 102 of 2 pages Lecture HW 02 1 EGR 102 Lecture HW 02 Due at beginning of lecture on Friday, January 27 4 Problems, 4 Points Each, 16 Points Total Name: PID: Lab Section #: Problem 1 (4 pts): If a single deposit of \$6,000 is invested at 5% yearly interest, how much will be accumulated in 8 years? Problem 2 (4 pts): If a single deposit of \$2000 is invested at 4% yearly interest, what equal year-end withdrawals can be made each year for 6 years, leaving nothing in the fund after the 6 th withdrawal?

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Unformatted text preview: Problem 3 (4 pts): How much will be accumulated in a fund, earning 6% yearly interest, at the end of 4 years if \$750 is deposited at the end of each year for the 4 years? EGR 102 of 2 pages Lecture HW 02 2 Problem 4 (4 pts): How much principal will be paid (subtracted from the balance) and interest will be paid in each payment on a \$10,000 loan with a 6 year term at 5% interest? Assume yearly payments. Build a table showing year, interest due, total owed, payment, and balance....
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## This note was uploaded on 04/02/2012 for the course EGR 100 taught by Professor Hinds during the Fall '08 term at Michigan State University.

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EGR_102_Lecture_HW_02 - Problem 3(4 pts How much will be...

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